Odisha Slurry Pipeline bidding hots up as Thriveni offers Rs 4,000 crore

The 253-km slurry pipeline that the companies are vying for is critical to Essar Steel

Tamil Nadu-based Thriveni Earthmovers has raised the ante in its bid to acquire Odisha Slurry Pipeline Infrastructure (OSPIL) with an upgraded offer of Rs 4,000 crore, as against Rs 2,350 crore being offered by ArcelorMittal, the only other bidder in the fray. 

With a total admitted claims of OSPIL’s financial creditors amounting to Rs 2,660 crore, this will be one of the rare instances where an asset has drawn a bid above the full-recovery value. 

“Thriveni is ready to give further upside to the lenders over a period of time. It is also important to clarify that its plan is not conditional